Petr Sykora, having become a free agent, left the Oilers franchise and signed with the Pittsburgh Penguins. Jan Hejda, also a free agent, left for the Columbus Blue Jackets.

The Oilers made a call to Ryan Smyth's agent early in the morning on July 1 stating they were interested in making an offer. Smyth wound up signing with the Colorado Avalanche.

Netminder Mathieu Garon was signed on July 3, 2007, as the backup goaltender to Dwayne Roloson.

It has also been reported that the Oilers had agreed to a contract with free agent Michael Nylander through his agent. While the Oilers were expecting a signed contract from Nylander and his agent, they later found out that he had signed with the Washington Capitals. The Oilers are currently pursuing their legal options on the matter.

On July 12, the Edmonton Oilers signed unrestricted free agentSheldon Souray to a 5 year deal worth $27 million dollars.

On July 20, the Oilers signed Newly acquired defenceman Joni Pitkanen to a one year, 2.4 million deal.

On July 26, the Oilers offered Anaheim Ducks Forward Dustin Penner, a restricted free agent $21.25 million over 5 years. This is the second restricted free agent the Oilers have attempted to sign this off-season. The Ducks declined to match the offer, officially making Penner an Oiler.

On October 2, 2007, the Oilers announced Ethan Moreau as the 15th Captain in team history.

On February 19, 2008, Denis Grebeshkov scored the 8000th goal in the Oilers' franchise history.

On February 26, 2008, the Edmonton Oilers set a new NHL record for 13 shootout wins in a season, previously held by the Dallas Stars at 12 wins. Oilers goalie Mathieu Garon has stopped 30 of 32 shots and is 10 – 0 in shootouts.